Business & Finance

OPEC oil price up by 1.1%

OPEC oil basket’s price stood at $35.62 per barrel on March 11, or $0.39 more than on March 10, the cartel told Trend March 14.

The OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

World oil prices down on March 14 against the backdrop of continuing excess supply and the statements of Iran’s Oil Minister Bijan Namdar Zangeneh regarding the freezing oil output.

The price for May futures of the North Sea Brent oil mix fell by 2.7 percent – up to $39.3 per barrel on March 14 as of 16:33 (UTC/GMT +4 hours), while the price of April futures for WTI oil fell by 2.52 percent – up to $37.53 per barrel.

Source: Trend